Marshall Wace LLP Invests $1.53 Million in Steelcase Inc. (NYSE:SCS)

Marshall Wace LLP bought a new stake in Steelcase Inc. (NYSE:SCS - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 117,847 shares of the business services provider's stock, valued at approximately $1,527,000. Marshall Wace LLP owned 0.10% of Steelcase at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Innealta Capital LLC purchased a new position in shares of Steelcase in the 2nd quarter valued at about $93,000. SpiderRock Advisors LLC acquired a new stake in shares of Steelcase in the 1st quarter valued at about $135,000. DekaBank Deutsche Girozentrale purchased a new position in Steelcase during the 1st quarter worth approximately $141,000. Allspring Global Investments Holdings LLC grew its position in shares of Steelcase by 34,941.7% during the first quarter. Allspring Global Investments Holdings LLC now owns 12,615 shares of the business services provider's stock worth $165,000 after acquiring an additional 12,579 shares during the last quarter. Finally, Cornerstone Investment Partners LLC purchased a new stake in Steelcase in the 1st quarter valued at $188,000. 92.42% of the stock is currently owned by hedge funds and other institutional investors.

Steelcase Stock Performance

Steelcase stock traded up $0.35 during trading hours on Friday, reaching $12.97. 578,009 shares of the stock were exchanged, compared to its average volume of 745,162. The stock has a market cap of $1.48 billion, a P/E ratio of 17.07, a P/E/G ratio of 1.26 and a beta of 1.32. Steelcase Inc. has a 52-week low of $10.29 and a 52-week high of $14.74. The firm's 50 day moving average is $13.38 and its 200 day moving average is $13.05. The company has a debt-to-equity ratio of 0.48, a quick ratio of 1.23 and a current ratio of 1.62.

Steelcase (NYSE:SCS - Get Free Report) last issued its earnings results on Wednesday, September 18th. The business services provider reported $0.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.37 by $0.02. The company had revenue of $855.80 million during the quarter, compared to analysts' expectations of $864.17 million. Steelcase had a net margin of 4.02% and a return on equity of 14.41%. The firm's quarterly revenue was up .1% compared to the same quarter last year. During the same period last year, the company posted $0.31 earnings per share. Analysts predict that Steelcase Inc. will post 1.02 EPS for the current fiscal year.

Steelcase Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a $0.10 dividend. The ex-dividend date is Monday, September 30th. This represents a $0.40 annualized dividend and a dividend yield of 3.08%. Steelcase's dividend payout ratio is presently 52.63%.

Insider Transactions at Steelcase

In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction dated Tuesday, July 23rd. The stock was sold at an average price of $13.94, for a total transaction of $219,541.06. Following the completion of the sale, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CAO Nicole Cherie Mcgrath sold 15,749 shares of Steelcase stock in a transaction on Tuesday, July 23rd. The shares were sold at an average price of $13.94, for a total transaction of $219,541.06. Following the transaction, the chief accounting officer now owns 18,453 shares in the company, valued at approximately $257,234.82. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO David C. Sylvester sold 73,184 shares of the business's stock in a transaction dated Wednesday, July 24th. The stock was sold at an average price of $13.84, for a total value of $1,012,866.56. Following the transaction, the chief financial officer now owns 551,592 shares in the company, valued at approximately $7,634,033.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 160,877 shares of company stock valued at $2,228,248 in the last ninety days. Corporate insiders own 12.96% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Benchmark upped their target price on shares of Steelcase from $17.00 to $18.00 and gave the company a "buy" rating in a report on Friday, June 21st.

About Steelcase

Steelcase Inc provides a portfolio of furniture and architectural products and services in the United States and internationally. It operates through Americas and International segments. The company's furniture portfolio includes furniture systems, seating, storage, fixed and height-adjustable desks, benches, and tables, as well as complementary products, such as work accessories, lighting, mobile power, and screens.